P2B lending operator Crowdo announced on Tuesday it has achieved full regulatory registration in Indonesia by the Indonesia Financial Regulator, Otoritas Jasa Keuangan (OJK). This news comes just a few months after the lender launched its securities crowdfunding platform at the Singapore Exchange (SGX) hosted “Plugged In” event.Speaking about the new milestone, the Crowdo team stated:
“As a P2B operator that has been established since a year ago in Indonesia, Crowdo has successfully demonstrated its dedication and capabilities by financing more than 3,000 projects to date. Crowdo views it’s registration with the OJK as a significant sign of the trust it has earned from the Regulator, and demonstrates its commitment to protect consumers and comply with the legal requirements in Indonesia while promoting financial inclusion in the country.”
Cally Alexandra, General Manager of Crowdo Indonesia, commented: “With the registration
“With the registration of Crowdo with the OJK, it reinforces the legitimacy of the company and demonstrates that we are really taking care of and protecting the consumer’s trust by following the rules set by the OJK. We hope that this will help Crowdo expand its services to Small Medium Size Enterprise (SME) communities in Indonesia and create a healthy fintech ecosystem.”
OJK Senior Executive Researcher Hendrikus Passagi, then noted:
“Some of the parties, including many MSMEs, have experienced difficulties in obtaining efficient funding through the Banking, Capital Market, or Financing Company, Cooperative or Microfinance Institution (MFI) channels due to collateral barriers, guarantees, obligations to provide advances or limited fund availability. As a new generation financing model, the presence of Fintech Lending will be an excellent funding alternative for those who have not been well served by the conventional finance industry. The OJK hopes that by obtaining its registered status, Crowdo can use this good opportunity to more actively introduce their service and business model to various layers of society throughout the Republic of Indonesia, and accelerate their market penetration significantly. The trust given by OJK should strengthen Crowdo’s positioning both in Indonesia and globally.”
Having financed over 3,000 projects with a membership base of 34,000 members globally, Crowdo considers itself the largest P2B operators in Indonesia based on membership and already one of the fastest growing. The company offers a wide suite of P2B solutions ranging from collateralized micro business loans to larger working order loans.
